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  • T,f.fB WAREHOUSING CORPORATIONS

    (M modified up"'to the 1st November, 1976)

    • . M1NIS'ffiY OF LAW. JUSTICE AND COMPANY AFFAIRS

    • . ­

    , , •

    - ,ACT ,

    (58 OF 1962) , . "

    ,

    ·Government of India ,. •

    ,

    , _Z"., • _ ...:.JI

    ,

    "

  • THE WAnE IIOUS1KG COnl'OUATIOKS ACT, 1002

    ARRANGEMENT OF SEC110NS

    ClIAf'TER I

    ),1 ...-n0/lion for 011""" of di~tor of the Cl'paral icn. ". 22. Removal of dircctocs from offitt. 22. Appoinl men. of officers, etc., an..l .hei, condition, 01 -IC~, ~. l'u">1ion, of the SI.t. Wa,eho using Corporali"".

    EJoculive Comm;!!«. ". "

    II . Fun

  • "

    C HAPTER IV

    26. Subm juion I' pro~ran"nc of ;K;l j_j! IC'S ,,,,II fonanc;,,1 ~.I;m~I ._' _ 27. Ilormw;ng [10"'(" "r W,,,,,hnu''''1l "lrp"'dlj"n 28. Deposil 3ccounL. 29. [nvestrnem of funds. 30. Disposal of rrofilS. 31. """""nil "nd "" d,l ;of W"ou,ina CO'1"'1'31ion. 41. ""~r!O mal . (1I.ie.

    ~2. Po".." of Wart Sin! C"'I",,,,(ioo, '" m.'~" re!,,)al""'" 43. Repea! .10'! "ovin!,

    THE SCHEDULE

    SI!Ci'IONS

    CHAPTER V

    http:Wuo""".io

  • --

    TH E W,\REHO US]"'" CORPORATI O NS ACT. ]962

    , ill be 3 notified C(),,,modi(y for th e ~u'"","' of Ihis Act. be ing

    3 rom:nodil)' wilh rc

  • I

    Wa"}",,,.,;ng CWf'Ormjm,s

    Re,er~o B:tnk of India ACI. 1'}34; ~ of 1~~1.

    I , Il) If any ponion of 1he .ixty p

    ·{Pr"...idc~ Ihal Ihe Cconal Go'·crnm""' may. from ti,nc (0 tin't. hy ordor notified in the Offici"1 Gazetto. in~rea .. ' he aulhori,,,,1 sh"'" capital of Ihe Central Warehousing e"'poorotion to 'Itch o;tenl and in '''eh n,"" nor "' Ih,1 Govcrnment may rl.t cfmin~ . ]

    121 ']Th< eentr"~1 Government ,hall. ~ft"r

  • 09 I%2J WUN'hoI..,,,, Cor/_aliens ,

    "",..,.I

    (4) T he ,h.re, ,,/ 'he (:cIt lr:l l Warehousing Corporalion ,1o.U 100t bo lronde r· able uC\'pI 10 lhe Cenlr,ll c;.wcmmcnt '[the Sl't~ liank or any uch! on. boord of d,redora ..1>0....·'lh lh. "$IlSllIlWC '" an E.:c oo~,,1 of \1 • Vitt·('h;.;mwn ,,110 .

  • Di>icd in ""y '''~'''! Il l£ ,','n1"c1 ;coOfJlion "'''y appoint ouch oiIkefS "nd other .rnplOYcc. a, it con,iders "er:o",,,y 10. the cmcicm rcrformanc.: of its fU"1"~ CcH'1I ch()SC1l '''. 'o. dirCml\ Crp""ti""

    (I) i/ he " f"und 10 bc " lunu l'c or be""rnc, vI "",,""HI mi",I. or

    (io) if he is. or at any lime h"~ 11

  • -- 01' 1962] ,

    ~'."oeh suilable pl.CC5 V.....,....( ~ I~.u. ;1 thmk' fit:

    ov.o-t' (b) run "'"rc:oo...cs I .... I"" -.tor,gc "f .'"lCullu,.1 produt'C, ...w.. J- ",anure •. fc rti h,,,,,. ag"cuh"~"l In,pkmenh ,ml 'll!ljfisd .....,m»",h!;"" oII"ucd

    by indi_idual., ,",,-opera I;". ""dell~ aLld Olher iiuliluHoni,

    (,-) ~rr.nge f.cilities fm the I,ansport of .!VlCulll .... 1 prod,,! of­

    (~) Ihe ( :;"irmun .nd Ihe Vic,,·Chaorman of Ihe boor!! 01 d'ICC10": (t.) lhe mana;ing director; Hnd (~) Iwo.> other dirc:e1Ot". el>o$Cn by I"" CorPOrJliOl1 in lhe prescrilxd

    nlllnnc Chair,""" and Ihe v-"".ch;u"'''''1 ,0( I"" boord of dim:torJ _ba" ~ Iho a,irman and the Vicc·Chalfma" «~pectJV(ly of lhe fucili"n beln, $0 depos'led to I."~u", the .'Jl:tti"n ,h.ll obse"c "lCh ",ic\ or procedure in regarJ 10 lhe 11'llnsacllun "f husinc» al 115 ",e~li"&S ( including Ih~ quoNm'1 meetings)~, mo.y be llfO"ided II} ",cui, lions made by Iho Centr.1 Wore· housi"l Corpor.uOon under th'$ ACI.

    14. (I ) The Cenlral Oovemme"t ,"ay•• lta due appropriation n,ade by Parjoan..nt by law in Ihi, I>

  • I , I (b) by w~y of !o~n on .u,·h Ie"'''' "",I cund"

    tlo,.. IS lhe Central W.rchoullng COI"PUr.l.llOO n.. ), deem Col lox the purpo

  • j2J Warehm".ing CcJ [or fIfty I"'r e.",l. of su~h capilal . •ub"",ibc for lhe "" n.inins fifl y I"'r cenl. of Iho capLta l.

    /. 20. (I) The gcncr.lion of

  • "

    ~"..;". Ihe St"te "' it may, ",ill1ti-~thc Central Warchou,ins ,,,,,,,..,... Corpru"idcd Ih"l no olbei.1 dil"«'lor ,hall be e"lilted ([) 'C"I'" uny renlUnon e"'ployed by " SI,ne W",ehollSmg Co,pnrali,~il\(. g

  • , ,

    I

    Of 1962]

    Ihe man.SillS u,,r< m:.y. from Ii"", I" "me. Al''''. ,be 1..:.\....11\" Comtnltl.. >hall be rompe'''''' to okal with any m.It., Wil l"" ,he ...mpctcnocc: of 'he S'~'c Wa",hou,ing CO'I'O"'tion

    ClIAI'TER IV

    ,/ FINA);":',. AcCt>UN'I S ANI) AVllI'r

    26. (II E ....,y W31th"",;n& Corpor .. ;iln ,h~1I II"'''''''' bef"re the oo",m"01«' ""I .. ". ",,,m of cch year ~ IM."",nl 01 1'f000"m"lC ,,( it. ;>t1 ..;li.~ durinS ll>c forth- ,.'" .~ I"'~ ~mi03 )'Ca, as ",>:II ~. 3 /i1Un;I" ll~"" ~,""';'I month> belor. the COr Govemoltnt 100 a S'ate Wan:·

    homin, Corpor-~'iuo m.y bt.....,,., 'nnC~ r",,,, lhe SUIO Govern""'lII ant! 'he • Coo,,,,r WafCbou."n. Curpor..liun 0fI ,uct. """u",..t and 0fI • ..:h lerms alld "ollo::h· ,ions ~ ",ay be a&rCcd upun ""I""'on ,be bor,owi"ll corporation and ,be "''''''',. in each """c.

    (

  • th< I'.ymcm of "'10"''' at such role as may b i,ioll f"r bo d "TId doubLluj de,"". deprecialimL LlfL ",_,"'I> "lid ~II olht, matters which "f~ ~,u"ll y l"""dcd fo, by ~ump"nie. registered "nd III"O,po"LloJ u"Jer the Com"",,;es Ac! . 1'156. a W"'OhOu'"Lg CorpOr.tion mJy. "ul uf 'll; " " "nnu;l1 prOfilS , ded,,,. II d,w!end_

    Pro>ided Ihal for .'0 long a. the r=rv~ fllnd " Jc>, liL" LL tho IU;d.up .hare ~"p L I" 1 of Iho Ce' L1r"1 W, rehou'l1Ig CO' IX","ioH and uutil liLore has be-section 1/) of '

  • 1

    or 1962]

    requirinl him 10 reporl (0 Ih~ "PfJ'"o!,t3I1on and .laY cnl.rgc 0.- extend 'he scope of lhe ludil or direfehou,;n& COI"pOOIolion shall h.we lhe J;ome ",hl$. r>

  • [AIT SI " 0;."" ...

    1 , .._w.....-I ""-,,..'-'"",.,"'"... , 1">0ses "nli eApen.... ;lICurred in the

    dischara0 reJr(ln~;!)te lor

    ny otllrpor.(i"n. any sum paill by lbe: Cenl",1 or "St~I. Go",,"",,,nl uTlll,'r ""y Eu~rnnl"11 nO! he pla

  • OF 19621

    (b) lhe manner I nClmiulion "nd elocI'on I lhe dj.

    (t) tho deposit or monel' or a Ware""" ,;". Cmpo.,uion in a ",bNluied bon\: 01" a ro·operolh. oon~;

    (h) ,he ntanne, of i"uing ~ha..s of a Ware""""nl Cor('?""t,nn. the .....11s 10 be ....(11:: in I"C'P«! tll

    ~." '" If.... ~"U~".,'",,,,,,,,. ,50,," '" ~.

    ~".'"'....

    '&ok .,. A... . ~ 0( 11118... l~, f~, .....10 _,.

    '1M. h", 10,~.

    'CI. (i ) no ..Iot,_ ...1. til. by '.10. ;601.

    •- -- - ..

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  • II

    I~

    43. (I) Wi,h dfc>:' from ,hc dote (In whIch 'hc Cen '",1 Wa"'housi~g Curpo.. li{l1l ;, ""abti.",,~ urld:orc hold by ,h..... id Corporali,," in a Slale Wa ... housin, Corpo,,>!ion under Ihe ...p¢akd ACI shall be dttmod 10 be a Iha... held by Ihe Corpor-.,;on e~labl;shed un~er "clion 3 of Ihis Act in the rorfcsponding Stale Wa,cl>ou.inS C"rporOlion deemed 1o be c>l,bh5loed unMr Ihis A1:

    I. . decbrc Ihat 1 ..ill fa,.hfully. Iruly ~nd 10 .he: b

    1 further declare lho\ I will no\ ~on' nlU nical~ or allow 10 be communi

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